The first industrial revolution came with the introduction of water and steam power. Then came mass production, followed by computerization. Now, the Internet of Things (IoT) is ushering in the fourth industrial revolution.
To remain competitive in this new global economy, traditional logistics and manufacturing companies must transform operations and offerings. Manual processes, disparate systems and legacy technology often hamstring innovation for these mature businesses.
The fourth industrial revolution has been characterized as the combination of physical systems, virtual systems and the IoT. In this new world, smart factories give manufacturers visibility across the entire production value chain and arm them with information and analytics that have tremendous value.
To thrive in the fourth industrial revolution logistics and manufacturing companies must consider deploying modern business-intelligence and analytics platforms that help create digital supply chains. They must then make use of their data. And they must be aggressive in their efforts to break the chains to outdated tools and processes.
India which is going through industrial revolution needs Industrial Internet of things (IIoT) more than ever before.
The IoT is paving a way through various sectors in India. IT experts say while IoT is promising to impact various sectors, industrial and asset tracking are seeing real implementation on a large scale in the current scenario in India. Smart cities & building/home automation applications are gaining huge traction too. For both industrial & asset tracking, the sectors have been adopting integration of sensor based electronics and information technologies (cloud, apps, analytics, etc.).
IoT for now is primarily being used in sectors like manufacturing (industrial IoT), retail and healthcare, while it can also be utilized for metering and measurements.
Cisco’s venture capital arm, Cisco Investments has infused more than $150 million globally in IoT startups . It has also validated an optimistic stat of IoT industry reaching a market size of $14.4 trillion market by 2022. In view of this, there is a little doubt on the potential that this industry holds. IoT has come as a wave of the next industrial revolution as it has become an indispensable part of consumers, businesses and government- all alike.
Bringing a wholesome transformation on how industries run, IoT has touched almost all the sectors from manufacturing, retail, automobiles, healthcare, agriculture, infrastructure, consumer electronics, home automation applications and energy/utilities to name a few.
With smart watches, smart glasses, smart cities, smart infrastructure, wearable devices, consumers are witnessing a phase of internet being extended beyond desktops and mobile devices. And why not, the dropped cost of sensors, processing power and bandwidth to connect devices are some of the reasons that have spurred the widespread deployment of IoT.
With various industries seeking IoT as a crucial tool, there are many other ways that internet of things is being utilized with Indian perspective. As the initiatives by government on smart cities are gaining momentum, there has been a reasonable increase in the opportunities around it. Companies like Nexiot are helping the initiatives with their patented products for smart water management solutions that have high likeability for smart cities/ residential and industrial applications.
In agriculture space, internet of things is facilitating solutions that are coming thick and fast, affordable and accessible. There are companies like Zenatix working towards energy efficiency and electricity management using IoT and big data. The ability to capture huge amounts of data on wind, temperature and moisture is also allowing India to analyse the patterns and helping in combating the climate change.
Robotics, preventive maintenance and manufacturing are other areas where IoT is playing a role. Healthcare is another sector which is witnessing a booming involvement of IoT. Whether in the form of 3D printing, fitness and preventive healthcare, many products are taking the centre stage. Emergence of internet of things in healthcare sector has raised hopes in both urban and rural areas. Wearable connected device, remote patient monitoring, clinical trial applications are some of the ways IoT is revolutionizing healthcare space.
With the realization of the dream of an interconnected system that can manage traffic, predict and tackle congestion, IoT has proven its worth in transport and automobiles sector too. Autonebula, India’s first business incubator-accelerator, with a focus on connected transport aims to transform this.
These few examples show how India specific IoT solutions and devices are making a rage. There is no doubt on the tremendous scope that it holds. To get a device that can be auto-magically configured to get data and control things is the holy grail of what people are trying to get.
IoT is all about providing solutions by gathering data from end nodes and analytics is very much integral for end- to- end IoT solutions. Almost every IoT use case is dependent on lots of data for which analytics comes into picture.
IoT being a huge sector in itself is expected to go through multiple hype curves. With IoT penetrating into various sectors, there are many emerging trends that are slated to be on a rise. Be it cloud – analytics applications, supply chain, smart energy & water management implementation, connected vehicle, beacon based application, emerging low power wireless technologies and manufacturing & logistics, the future of IoT is inordinate.
According to Accenture, the industrial IoT has the potential to add $15 trillion to the global economy by 2030.
While not every manufacturing company has interest in the IoT and IoT-enabled applications, the prospect of analytics-as-a-service and monetizing data to customers is appealing.
Some businesses spend hours each day inputting supply/demand data into spreadsheets that are often disparate and inconsistent. The IoT enables inventory balance data to be collected from multiple sources, updated as quantities and demand changes throughout the day, validated and translated into terms that are familiar to users—all at the speed of business.
Whether it is deploying IoT services or modernizing traditional reporting platforms with a centralized cloud-based analytic solution, manufacturing and logistics companies must look for ways to stay ahead of competition.
Manufacturers are set to invest up to $70 billion in the Industrial Internet of Things (IIoT) by 2020, reports John Greenough of Business Insider. However, actual investments could easily exceed these expectations. The development and deployment of autonomous vehicles, machine-to-machine communication abilities and preventative maintenance could all team up to result in even greater savings in 2017, which will further increase investments for the Industrial Internet of Things.
The Industrial Internet of Things will continue to be applied in profound, productivity-conducive ways in 2017 and beyond, and manufacturers need only look at where the IIoT was believed to be recently and where experts expect it to go in the next decade.
76 percent of manufacturers expect to launch Industrial Internet of Things applications and use of smart devices by the end of 2017. Growth of the IIoT will likely play out in four phases, reports Accenture Consulting. These phases include the following:
The use of the IIoT is expected to be primarily used in smart commercial buildings, such as smart factors. Manufacturing will be the most affected by the Industrial Internet of Things. The IIoT will impact the supply chain in the following ways:
In manufacturing, the potential for cyber-physical systems to improve productivity in the production process and the supply chain is vast.
The world of production will become more and more networked until everything is interlinked with everything else. And logistics could be at the forefront of this shift. It will make logistics and the supplier network grow enormously more complicated. Although lean manufacturing can certainly reduce inventories, manufacturers will need to coordinate with more and more suppliers—often globally, and with longer transport times, more manufacturing steps, and significantly more parties.